Aluminium makers need to cut costs amid markets downturn: Mines secy

He urged the Indian aluminium companies to step up value addition and focus on creating wealth out of waste

In the face of continuing downturn in aluminium markets and rising production costs, the country's aluminium makers should focus on reducing their production costs, Union mines secretary Anil Mukim said here.

Aluminium prices on the London Metal Exchange (LME) have slid to $1870 (as on January 30) per tonne from the multi-year highs of $2602 in April 2018 after the US treasury clamped sanctions on UC Rusal, sending global aluminium markets into turmoil. The domestic aluminium producers have also been rattled by hardening of input costs of coal, caustic soda, coal tar pitch and calcined petroleum coke. As a fall out